Colombia Rapidly Joining The Elite Of Global Economies: Experts

BOGOTA – Colombia could in few years be among the group of leading economies in the world with the highest growth rate based on positive indicators and a steady inflow of investments, according to experts from the Spanish bank during an economic forum.

“The country registers a growth trail that accelerated in the last twelve years. Investment has experienced a healthy steady advance and so has private consumption. Investment inflow jumped from 14 percent of GDP in 2000 to 28 percent in 2012, which represents 5.5 times in twelve years”, said BBVA Colombia chief economist Juana Tellez.

These indicators together with the fact Colombia is undergoing a second economic opening following the signing of trade agreements (with the US and Canada, among others) can see Colombia join the elite of global economies, argued Tellez.

“According to our projections the emerging countries will represent more than 85 percent of world growth in the next ten years and trade will crucial for that expansion”, she added.

BBVA chief economist Jorge Scilia coincided with the forecast and underlined that “Colombia can be counted among the positive surprises from Latinamerica, together with Peru”.

“Colombia could become one of those mid-term positive surprises if it manages to consolidate the advances achieved in recent years and further boosts the inflow of investment and trade that have been steadily growing during the last decade”, said Sicilia.

During the forum, BBVA revealed the report titled “The Eagles” which puts Colombia among the group denominated “The Nest” which is believed to lead world growth in a few decades, together with Argentina, Chile, Peru, Philippines and South Africa.

The Colombian economy last year expanded 5.9 percent compared to 2010 which was its best performance since 2007. This year the Colombian government expects GDP to grow 4.8 percent, following a recent review of the initial 5 percent forecast which has felt the impact of the slowing world economy.